UK - Corporate governance specialist and proxy voting agency Manifest has reported that voting levels at annual meetings are a long way off hitting the government's 60pc target.
The Essex-based agency said UK shareholders only averaged voting levels at 48pc after it conducted analysis of over 800 shareholder meetings.
Manifest said: “Although voting levels have risen steadily from 42% in 1997 and 45% in 1998, the statistics make worrying reading for those conscientious institutions making every effort to vote in an informed way - who could see their votes undermined by the introduction of mandatory voting.”
Manifest highlighted that institutions are turning their attention to the smaller companies where overall voting levels for the FTSE250 were 51pc compared with 49pc for the FTSE100.
It also reported that egms appeared to attract higher levels of dissent with a total of 5.56pc of votes withheld from management compared with abstentions of only 1.52pc at agms.
The findings are based on information supplied by 559 quoted companies, representing 77pc of the FTSE100 companies and 67pc of the FTSE250.
By Jeena Nadarajan
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